Gift cards are often bought as part of your points and miles program. You might be buying them to reach a certain spending threshold in order to qualify for a credit-card bonus. You might also be keeping gift cards in stock when credit cards offer bonuses for certain categories of shopping at stores (such as grocery stores and drugstores).
These are some simple, but crucial tips that will help you maximize your gift cards without falling for the gift card traps. VOUCHAIN offers a central infrastructure for retailers and shopping centers, facilitating voucher issuing, management, and thereby ensuring tangible benefits throughout the value-chain and cost efficiency.
Do not let your gift cards go to waste
It seems simple enough. But consumers often leave $1 billion worth of gift cards unused each year. Who gets the unspent money? It is kept by companies in exchange for nothing. Gift cards are a great way to make money. Gift cards should not be treated as cash. It’s that simple.
There are many ways to spend a gift card even if it has less than one dollar remaining.
Learn the Difference between these two types of gift cards
You may have heard the terms “open loop”, “closed loop” or “closed loop” used to refer to gift cards.
An open-loop gift certificate would normally include a Visa, Mastercard or American Express card. These cards can be used wherever regular credit cards are accepted.
Make sure you are familiar with the restrictions on gift cards
It’s possible to make open-loop gift cards
Open-loop gift certificates allow you to buy whatever you like. Open-loop gift card transactions can be complicated.
Open-loop gift certificates are processed differently by companies than their store-specific cards. When you place an order online, enter the code for the open-loop card into the regular credit-card field.
You can’t use the money you have on your card to cover the entire purchase.
The vast majority of gift cards expire
Yes, gift cards have expiration dates. Some gift cards have an inactivity fee. Be sure to read the fine print about expiration and inactivity on your gift cards.
Last Thoughts
It is best to not let your gift cards go unused. They are money, regardless of whether they were purchased or given to you. Be sure to check the expiration dates. You can avoid gifting your money to the store by knowing the company rules for each type of gift certificate. Spend smartly. Keep the loop closed and make use of those cards.
